2023-05-25 11:32:24
The American technology company Nvidia has published reporting for the first quarter of fiscal year 2024 ended April 30 and predicted a sharp increase in sales in the current quarter to an all-time high driven by demand for AI processors. The results of the first quarter exceeded analysts’ expectations. Revenue rose 19% to $7.19 billion. Earnings per share rose 22% to $0.82. Net income up 26% to $2.043 billion Data center chip division revenue up 14% to record $4.28 billion Automotive chip division revenue up 114% to also hit record $296 million
However, Nvidia’s announcement that it expects to generate $11 billion in revenue, plus or minus 2% in the second quarter, aroused the most interest in the market, given the significant demand for AI processors. Nvidia CEO Jensen Huang said the company is “significantly increasing shipments to meet rapidly growing demand” for its entire line of data center chips, including the H100 GPU. This microprocessor was launched this year for use in multimodal large language models such as OpenAI’s GPT-4.
After the release of the report and forecast, Nvidia shares soared in price by 29%, reaching one of the highest in the company’s history – $ 394.5 per share. This led to an increase in Nvidia’s capitalization by $200 billion, and at some point the capitalization reached a record $960 billion. Reuters, Nvidia’s stock surge led to a rise in AI-related stocks, and their capitalization increased by a total of $300 billion. 8%. Shares of Microsoft and Alphabet also joined the growth: they added 2% each.
#Nvidia #predicts #record #growth #demand #processors #Kommersant